Nomis Solutions, the leader in pricing optimisation for banking and finance, announced today that HBOS has renewed its license of the Nomis Price Optimizer.
The hosted solution, used by HBOS' pricing managers to optimise the prices of consumer loan originations, provides an agile pricing framework that precisely prices loans for specific segments to achieve business objectives, financial performance goals, and portfolio mix targets.
HBOS, a major European bank, was the first bank in the world to use Nomis Solutions' pricing optimisation solution. Now in its fourth year at HBOS, the Nomis Price Optimizer has been a valuable component of HBOS' pricing strategy and process.
"Since working with Nomis Solutions our pricing team has achieved both strategic and operational benefits. We continue to gain insights about our customers and our product performance, which we've used to advance our pricing practices and process," said Alex Park, senior manager, Pricing, Unsecured Personal Loans at HBOS.
By gaining insight into the impact of price on product performance, HBOS has adopted a more sophisticated approach to pricing that includes more refined segmentation. This allows HBOS' pricing managers to tailor pricing strategies for specific segments. Additionally, the Nomis Price Optimizer supplemented HBOS pricing processes with a more disciplined, consistent, and efficient pricing process that provides transparency and supports regulatory requirements.
"As one of Nomis Solutions' first customers, HBOS has been instrumental in helping us advance our solution and our delivery process," said Ian Pollard, head of sales for Nomis Solutions Europe. "HBOS has benefited from being an early adopter of pricing optimisation. We are pleased that HBOS continues to generate value from the solution and our relationship."